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Insurance Brokers are appointed after the approval of the Insurance Regulatory Development Authority of India (IRDA), the regulatory body of all insurance companies in India.
Must be bachelor's/master's degree holder or have any equivalent qualification such as being an associate/fellow of the Insurance Institute of India, associate/fellow of the Insurance Institute of Risk Management or any other relevant qualification as prescribed under Insurance Brokers Association of India (IBAI). For more details you can visit the IBAI site. (See Reference 1)
Pursue any reinsurance activity or insurance consultancy for a period of seven years from the date before application is submitted or you could also be the principal underwriter or manager in any nationalized insurance company of India.
Have 100 hours of theoretical and practical training recognized by the Insurance Regulatory Authority of India.
Pass the exam by the end of the training period as conducted by the National Insurance Academy: Pune or any other recognized examining body.
Retain a minimum of capital as prescribed under the rules of the regulatory authority. This capital could be in the form of shares or a self-owned public society popularly known as cooperative society.
After the required conditions are satisfied, license is provided by an issuing authority. This license is granted through Form B (issued by the government with instructions and procedures) and a formal announcement is sent to the applicant which lists the category in which the license is granted. The validity period of this license is for three years.
Before the start of the business, each broker should deposit a sum equal to 20 percent of the initial capital in his fixed deposit as a bond. This sum can only be released to him by the permission of the regulatory authority.
Equip yourself with the well-trained staff and full infrastructure.
Based in Toronto, Muhammad Cheema has been writing technology-related articles since 2003. His work has appeared in EE Times, Institute of Electrical and Electronics Engineers publications and several technology Web sites. Cheema holds a Doctor of Philosophy in electronics engineering from Université Paris-Sud in Paris, France.